Verdict – Short-term neutral.
DCE iron ore May23 contract slight corrected, maintained neutral during past few days as expected. The major trades ranged from 906.0 – 922.0 area. A breakdown on 900.0 would potentially reverse the mid-run bullish trend. Hourly CCI entered bearish territory. Hourly MACD deepened correction in bearish territory. Short-run technical were indicating a potential to test low.
The first support is 900.0. The first resistance is 922.0
